Chainlink (LINK) preparing for another attempt at breaching $13

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 9, 2020
  • Chainlink has spent the last few months trying to breach a number of resistances on its way up.
  • The coin had a lot of success, but the resistance at $13 proved to be its largest barrier lately.
  • Over the weekend, LINK nearly s쳮ded at breaking it, and it is now preparing for another attempt.

Chainlink (LINK) has had quite a turbulent 2020. In the past 11 months, the project went from $1.8 to $18, only to drop to $8.20, and rise to $13 again. In the last few days, it managed to breach a resistance at $11.50, and even go beyond $13, although a quick correction took it back below this level.

Still, LINK remains quite strong, and it seems to be preparing for another attempt to breach this next resistance.

LINK in 2020

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

In January 2020, LINK price was quite low, as mentioned. It sat at what was considered its bottom, at $1.80. The coin started growing alongside the rest of the market during the February surge, only to crash back to $1.8 in mid-March, when COVID-19 fears took over.

After this drop, LINK saw months of slow recovery, which gradually took it up to $4.80, which is the height it saw on February 14th, just as it reached its early-year peak.

The second time LINK climbed this high was in late June, but instead of being rejected again — the coin surged. It broke one level after another with only slight setbacks, eventually reaching its ATH at $19.15.

However, the resistance at $19 eventually managed to push it back down, and the coin dropped to $14. It attempted to go up once more, although it never reached its ATH again, and each try caused a stronger rejection of lower resistances, eventually pushing it all the way down to $8.

This new bottom allowed LINK to stabilize and start another wave of surges, most of which were blocked by a resistance at $11.50. However, it finally managed to break this level in late October, only to hit another one at $13, and see another rejection, this time down to $10.

LINK attempted another surge over this weekend, even managing to breach $13 and surge up to $13.30. The price was rejected once more, and it dropped to $11.50, which now started acting as a support,

Now, LINK is showing signs of another surge, and at the time of writing, the coin’s price sits at $12.45. In days to come, more of the same is likely to happen, unless LINK can gather enough strength to push through $13 and turn this resistance into its newest support.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money